A health production model with endogenous retirement.
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ABSTRACT:
SUBMITTER: Galama T
PROVIDER: S-EPMC3498590 | biostudies-literature | 2013 Aug
REPOSITORIES: biostudies-literature
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A health production model with endogenous retirement.
Galama Titus T Kapteyn Arie A Fonseca Raquel R Michaud Pierre-Carl PC
Health economics 20120806 8
We formulate a stylized structural model of health, wealth accumulation and retirement decisions building on the human capital framework of health and derive analytic solutions for the time paths of consumption, health, health investment, savings and retirement. We argue that the literature has been unnecessarily restrictive in assuming that health is always at the 'optimal' health level. Exploring the properties of corner solutions, we find that advances in population health decrease the retire ...[more]
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